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Swedish Krona Settles Back in Range
The Swedish Krona is settling back into its long-term range against the Euro. The pair ventured above the highs of this range at 9.7291 during the chaos after Trump's election victory. But since then we've seen that move slowly retraced back down.
We are currently quoted substantially below the 9.7291 resistance level. And as we can see on our next chart below, the situation doesn't look better on the lower time-frames either. Here too we're seeing range-bound price movement.
The pair opened the…
We are currently quoted substantially below the 9.7291 resistance level. And as we can see on our next chart below, the situation doesn't look better on the lower time-frames either. Here too we're seeing range-bound price movement.
The pair opened the…
Expecting Euro comeback
Analytic Method: Candle patterns
Weekly/Monthly Analysis
For four months in a row, the euro has lost to the canadian dollar. This was largely due to the shift in oil prices, as commodity prices picked up. Now, those same prices have resumed the downturn from last year.
The week's charts tell the story. There is support level forming.
Candles with long wicks, that are Doji-like, and market pressure unable to push the exchange rate lower. This is good place for reversal.
Weekly/Monthly Analysis
For four months in a row, the euro has lost to the canadian dollar. This was largely due to the shift in oil prices, as commodity prices picked up. Now, those same prices have resumed the downturn from last year.
The week's charts tell the story. There is support level forming.
Candles with long wicks, that are Doji-like, and market pressure unable to push the exchange rate lower. This is good place for reversal.
Swedish Krona Mean Reverts Against Euro
The Swedish Krona mean-reverted against the Euro yet again. This wont come as a surprise to the readers of my TA posts, because I've written about the range-bound nature of this pair for the past few months. In the process of reversing the pair fell back below the 9.73 handle, a key resistance level that kept a lid on prices.
On our next chart we can see just how important this level has been. It remained unbroken for the past few years, holding the EUR/SEK in a tight range. Things are not looki…
On our next chart we can see just how important this level has been. It remained unbroken for the past few years, holding the EUR/SEK in a tight range. Things are not looki…
EURo at the long term trendline once again
The euro once again sits just above the long-term trendline, drawn off of 1985 and 2000 lows. Speculation is that, with Trump and the Republicans at the helm, the U.S. will enter a reflation period that will bring about jobs, growth, inflation and higher interest rates.
The pair posted a huge reversal pattern on the election day but in the current range-bound environment its significance is diluted. Still, both technicals and fundamentals point lower and the next stronger support is seen near 76…
The pair posted a huge reversal pattern on the election day but in the current range-bound environment its significance is diluted. Still, both technicals and fundamentals point lower and the next stronger support is seen near 76…
AUD/NZD to Reverse at Support
The AUD/NZD is nearing important support, this year's low for the pair at 1.0309. We're now quoted at 1.0379 after trading as low as 1.0349 just few hours earlier.
The second reason why I'm betting on a reversal rally here is ho oversold the AUD/NZD is right now. Note the Stochastic on the 4 Hour chart is below 20, signalling oversold territory. My target is 1.0741, right below this summer's highs in this pair. I think a 400 pips rally is about the max the AUD/NZD can do in one month.
The second reason why I'm betting on a reversal rally here is ho oversold the AUD/NZD is right now. Note the Stochastic on the 4 Hour chart is below 20, signalling oversold territory. My target is 1.0741, right below this summer's highs in this pair. I think a 400 pips rally is about the max the AUD/NZD can do in one month.
Yen Looks Overbought
The Yen looks overbought. Normally a safe-haven currency, the Japanese Yen got bought up aggressively in the post-Brexit mayhem. But as we can see on the 4 Hour chart below, things are starting to change with prices possibly bottoming out. We have now retraced over 50% of the Brexit related move, with possibly more gains on the way.
There are signs of a bottom on longer-term charts as well. Notice below how the Stochastic has clearly hit oversold territory in the USD/JPY. The Stoch moved below 2…
There are signs of a bottom on longer-term charts as well. Notice below how the Stochastic has clearly hit oversold territory in the USD/JPY. The Stoch moved below 2…
USD/CAD to Rally Higher
The Canadian Dollar has been one of the big winners from the rally in oil prices this year. The USD/CAD saw most of the post-Fed December gains evaporate and is currently trading at 1.2986, over 1600 pips below the January highs at 1.4688.
Notice the Stochastic indicator on the daily chart below. It has been in oversold territory for over one month now since late February. But things may be changing, notice how the indy is finally turning back higher above the 20 level, signalling a potential r…
Notice the Stochastic indicator on the daily chart below. It has been in oversold territory for over one month now since late February. But things may be changing, notice how the indy is finally turning back higher above the 20 level, signalling a potential r…
Long term bias is still long on AUD/USD
Daily analysis
My long term bias is still long on this pair.
The structure seems to be finished now, we have a nice corrective channel at the 0.61 fib retracement.
From the EW perspective i think this is a series of 1-2s.
A potential target is at the minor rising channel shown on chart currently around 0.6975.
0.7295 should remain intact for this scenario to remain favored for me.
weekly analysis
After completing a retest towards the potential reversal zone I outlined in my previous analysis…
My long term bias is still long on this pair.
The structure seems to be finished now, we have a nice corrective channel at the 0.61 fib retracement.
From the EW perspective i think this is a series of 1-2s.
A potential target is at the minor rising channel shown on chart currently around 0.6975.
0.7295 should remain intact for this scenario to remain favored for me.
weekly analysis
After completing a retest towards the potential reversal zone I outlined in my previous analysis…
Clear Image of Bearish trend on GBP/USD
Daily analysis
GBP/USD opened the week at 1.5433 and touched a high of 1.5507. The pair then reversed directions, dropping to a low of 1.5302, as support held firm at 1.5269. The pair closed the week at 1.5309.
Technical lines from top to bottom 1.5825 was an important cap in November 2014. 1.5769 is the next resistance line. 1.5682 was a key resistance line in December 2014 and January 2015. 1.5590 is the next line of resistance. 1.5485 was a cap in the first half of September. 1.5341 continue…
GBP/USD opened the week at 1.5433 and touched a high of 1.5507. The pair then reversed directions, dropping to a low of 1.5302, as support held firm at 1.5269. The pair closed the week at 1.5309.
Technical lines from top to bottom 1.5825 was an important cap in November 2014. 1.5769 is the next resistance line. 1.5682 was a key resistance line in December 2014 and January 2015. 1.5590 is the next line of resistance. 1.5485 was a cap in the first half of September. 1.5341 continue…